1. What is the absolute mandatory down payment for a first time home buyer with very good credit? I know there are different factors and scenarios. BTW, price is $175,000

2. Can you use land as collateral for said home loan if said land is not located at same location?

I am not a vet, we gross between $85-$100K, and we are purchasing the home from my Uncle.

Please help!

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Posted by Franktowntiger7

Ponchatoula

Member since Dec 2010

2719 posts

Posted on 7/28/12 at 12:52 pm to EasyTiger

(no message)

This post was edited on 8/30/12 at 8:22 pm

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Posted by EasyTiger

Vermilion Parish

Member since Jan 2012

242 posts

Posted on 7/28/12 at 2:43 pm to Franktowntiger7

The OT said to take this "shite" here.

This post was edited on 7/28/12 at 2:53 pm

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Posted by Franktowntiger7

Ponchatoula

Member since Dec 2010

2719 posts

Posted on 7/28/12 at 3:32 pm to EasyTiger

Oh, we'll then. USDA is no money down and you can roll your closing in to the loan. FHA is 3.5%. Most banks are 20% but some will do 10%. We have one that will do 5.5% down but they do loans for us down here because are company is based in their state (Ohio). Good luck.

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Posted by ds1tiger

Closer than you think

Member since Apr 2006

359 posts

Posted on 7/28/12 at 3:41 pm to EasyTiger

Assuming your income is above the USDA 100% financing income limit, your best bet is FHA (3.5%). You will not be able to use other land for collateral.

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Posted by Gr8t8s

Member since Oct 2009

2579 posts

Posted on 7/28/12 at 3:45 pm to EasyTiger

Looks like you probably make too much for USDA. 3.5% FHA is available, and there are more 5% Conventional loans out there than people realize. You don't need collateral, just a great credit score and cash.

Closing costs can be rolled into the price of the home, have the seller pay them, etc.

(A lot of this depends on your location as well....)

This post was edited on 7/28/12 at 3:46 pm

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